“A flash crash of liquidations saw almost $7 billion wiped across all markets within one hour, with $5.5 billion coming from longs,” Sean Dawson, head of research at leading onchain options platform Derive.xyz, wrote in emailed comments.

“Bitcoin and ethereum accounted for $3.3 billion of those liquidations. In total, almost $9.6 billion in positions have been liquidated over the past 24 hours, marking the largest single-day wipeout in crypto history.”

The sudden sell-off was sparked by Trump announcing a 100% tariff on China imports, accusing the country of taking an “extraordinarily aggressive position” on trade.

“Markets are reeling after Trump’s surprise China tariff deadline reignited volatility, driving bitcoin toward $100,000 and triggering one of the largest liquidation events in crypto history,” 10x Research analysts led by chief executive Markus Thielen wrote in an emailed note, that sounded a note of optimism amongst the carnage.

“With $8 billion in forced liquidations, altcoins collapsing multiple times more than bitcoin, and funding rates turning deeply negative, the setup is both chaotic—and full of opportunity.”

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The bitcoin price and wider crypto market flash crash comes amid macro economic turmoil, with traders watching for any further sign that a further crash could be brewing.

“Bitcoin dominance above 60% signals a new structural phase, while short-dated volatility above 50% opens the door for some of the most attractive option trades in months,” 10x Research analysts added. “Yet beneath the headlines, a bigger macro story is unfolding—oil below $60, Treasury yields breaking lower, and the S&P 500 showing its first technical cracks since spring. Will Trump’s next tweet spark relief—or fuel another selloff?”